Lahore, June 19: Caretaker Chief Minister Punjab Mohsin Naqvi presided over the 17th cabinet meeting at the civil secretariat on Monday. During the meeting, approval was granted for a tax-free budget for the initial four months of the upcoming fiscal year 2023-24. The cabinet sanctioned a 30% salary increase for all government employees in Punjab, which will be given as ad-hoc relief. Furthermore, retirees above the age of 80 will receive a 20% increment in their pensions.
The cabinet made the decision to abolish all taxes and duties on the IT industry in Punjab, aiming to foster its growth and promote education in the field of information technology. In order to provide relief to the people of Punjab, an allocation of Rs. 70 billion was designated for the first four months of the next fiscal year. The proposal to increase the stamp duty by 3% was rejected, and it was decided to maintain it at a rate of 1% to support the construction industry.
A sum of Rs. 47.60 billion was approved to be allocated for the agriculture sector, intended to provide relief to farmers and promote modernization in the agricultural domain. In the previous fiscal year, Rs. 12 billion was allocated for agriculture, while a significant amount of Rs. 47.6 billion has been set aside for the sector in the first four months of the upcoming fiscal year. The cabinet also resolved to complete 50% of ongoing development projects during this period.
Furthermore, approval was granted for Rs. 16 billion to operationalize a non-functional power plant in the Trimmu area of Jhang, which had remained non-functional since 2017. A 31% increase in the budget for the health and education sectors was sanctioned. The establishment of an IT Park in Lahore Knowledge Park and an endowment fund of Rs. 1 billion for journalists were also approved during the meeting.
The chief minister emphasized the importance of completing ongoing projects and announced an allocation of Rs. 70 billion to provide relief to the people of the province during the first four months of the upcoming fiscal year. He highlighted that no new taxes have been imposed in the budget and extended his congratulations to the chief secretary, Chairman P&D, secretary finance, and their team.
The meeting was attended by ministers, advisors, the chief secretary, IG police, Chairman P&D, and administrative secretaries. The finance secretary presented the key features of the budget for the new financial year.
